Estimated Closing Costs
First time homebuyers often underestimate the costs associated with moving into their new home. A good rule of thumb is setting aside 3-5% of the purchase price of the home for the closing cost.
For example: On a $400,000 home. Set aside $12,000-$20,000 on top of your downpayment
You may want to invest in a home inspection before making an offer. A home inspector will have a checklist to make sure the house is in working order. Therefore, giving you peace of mind that that your new dream home is ready to be moved into.
BC's Assessment Act requires that every property receives a proper assessment to show market value. Prices can vary greatly depending on whether it is a private/public company doing the assessment, size of the building, how the property's being assessed, etc
Mortgage insurance, Life insurance, Title insurance etc.
Although home insurance is mandatory, there are also a bunch of different types of insurance you may want to look at for your peace of mind.
APPLICABLE FEES AND TAXES
LAND TRANSFER TAX, PST/GST, PROPETY TAX
Land Transfer Tax: 1% on the first $200,000, 2$ on $200,000-$2,000,000, etc.
Property tax varies depending on the property
You may be eligible for the First-Time Homebuyers Program. Click here
$1,000 - $1,500+
Legal costs are necessary because your lawyer/notary will help process your mortgage documentation, handle the transfer of cash, go through proper legal proceedings etc.
Don't forget to add in the cost of movers, boxes, rental trucks, etc.
FURNITURE, ADDITIONAL SERVICE FOR THE NEW HOME, ETC
Set a little extra for any unforeseen costs. Maybe you need more furniture, or found a small leak underneath the faucet. These small problems can quickly add up.